Buffett: "there is nothing new under the sun"

Buffett did an interview this week, reflecting on the credit crisis….not the greatest interviewer but not too terribly bad, either…what I really like best is in the last 40 seconds, where the interviewer asks, what did YOU, Warren Buffett, learn from this crisis?  And he talks about how there’s nothing new under the sun, that the behaviors that caused the last bubble have always happened in the past…the dangers of leverage, mass belief in a hot asset class, and joining the crowd b/c the crowd has been making money (rather than b/c the crowd is doing something that is sound fundamentally).

http://paul.kedrosky.com/archives/2009/09/buffett_more_le.html